\begin{table}[!htbp] \centering
  \caption{Regression Results}
\begin{tabular}{@{\extracolsep{5pt}}lccccc}
\\[-1.8ex]\hline
\hline \\[-1.8ex]
& \multicolumn{5}{c}{\textit{Dependent variable: social welfare loss}} \
\cr \cline{2-6}
\\[-1.8ex] & \multicolumn{1}{c}{Model 1} & \multicolumn{1}{c}{Model 2} & \multicolumn{1}{c}{Model 3} & \multicolumn{1}{c}{Model 4} & \multicolumn{1}{c}{Model 5}  \\
\\[-1.8ex] & (1) & (2) & (3) & (4) & (5) \\
\hline \\[-1.8ex]
 const & 9936.67824$^{**}$ & 3026848.80465$^{***}$ & 2199.99055$^{}$ & -21266.75904$^{}$ & -43910.12474$^{*}$ \\
& (4153.65773) & (1019848.30148) & (5481.10252) & (31681.46376) & (23082.26403) \\
 gross social production value & -21.77270$^{}$ & 99.73853$^{}$ & -32.67481$^{}$ & 0.80456$^{}$ & -125.21675$^{}$ \\
& (46.67830) & (83.58982) & (52.67999) & (138.66846) & (98.93226) \\
 harvest limit & & & 0.09178$^{***}$ & & \\
& & & (0.02207) & & \\
 manager age & & & & 882.08226$^{}$ & 347.61640$^{}$ \\
& & & & (547.90958) & (388.58136) \\
 manager education level & & & & 397.39730$^{}$ & 5182.58146$^{**}$ \\
& & & & (2167.74336) & (2146.10223) \\
 manager tenure experience & & & & -2234.31860$^{}$ & 1333.43745$^{}$ \\
& & & & (1700.93025) & (1589.71507) \\
 natural forest & 0.00115$^{***}$ & & & & 0.00113$^{**}$ \\
& (0.00029) & & & & (0.00044) \\
 population & 0.08113$^{}$ & 0.01931$^{}$ & 0.05803$^{}$ & 0.10336$^{}$ & 0.30053$^{}$ \\
& (0.12626) & (0.16789) & (0.14344) & (0.27966) & (0.19406) \\
 year & & -1507.46240$^{***}$ & & & \\
& & (510.41087) & & & \\
\hline \\[-1.8ex]
 Observations & 22 & 31 & 31 & 24 & 15 \\
 $R^2$ & 0.51859 & 0.30141 & 0.43661 & 0.16680 & 0.73064 \\
 Adjusted $R^2$ & 0.43836 & 0.22379 & 0.37402 & -0.06464 & 0.52862 \\
 Residual Std. Error & 6931.71774 (df=18) & 10319.46828 (df=27) & 9267.19655 (df=27) & 12815.94813 (df=18) & 7010.97468 (df=8) \\
 F Statistic & 6.46343$^{***}$ (df=3; 18) & 3.88305$^{**}$ (df=3; 27) & 6.97484$^{***}$ (df=3; 27) & 0.72069$^{}$ (df=5; 18) & 3.61665$^{**}$ (df=6; 8) \\
\hline
\hline \\[-1.8ex]
\textit{Note:} & \multicolumn{5}{r}{$^{*}$p$<$0.1; $^{**}$p$<$0.05; $^{***}$p$<$0.01} \\
\end{tabular}
\end{table}